Fuel budgets of consumers will be on a heavy strain this week as the price of diesel products will rise by P2.50 per liter; while gasoline prices will increase by P2.00 per liter, according to the pricing advisories of the oil companies.

For kerosene, which is an essential base fuel for the aviation industry as well as for households, its price will escalate by P2.00 per liter, as advised by the industry players.

As of this writing, the oil firms that already sent notices on their upward price adjustments effective Tuesday (September 19) include Shell Pilipinas Corporation, Cleanfuel, Seaoil, Chevron and Jetti Petroleum; while their competitor-firms are all anticipated to follow.

This is already the 11th week in a series that pump prices have been on uptrend; hence, this sustained surge in prices have been igniting jitters on its spiraling impact on the inflation rate as well as on costs of basic goods and services.

Primarily for the spikes in diesel prices, it has been the public transport of the country that is being distressed financially – as drivers are already complaining of severely trimmed take-home earnings to their families.

In the world market, price rally had been triggered by confluence of factors – primarily the extended output and export cuts of key members of the Organization of the Petroleum Exporting Countries and its ally-producers (OPEC+) – primarily those of Saudi Arabia and Russia.

That market development had been compounded by recent reports of upturn on China’s manufacturing data as well as sales; hence, sentiment of probable supply tightening is reigning again in markets.

As of Monday (September 18) trading, oil prices continued on escalation track – with international benchmark Brent crude climbing above $94 per barrel, more than $1.0 per barrel from last week’s $93 per barrel.

On that emerging price trend, the signal is getting clearer that there is no end in sight yet to the niggling ‘high oil prices era’; especially with demand hike already projected by global producers.

Given recent developments in oil markets, the emerging perspective on prices moving forward would be an uptick that will reach as $100 per barrel within the remaining duration of the year.